Patil, who was appointed the chairman of selectors following the sacking of Mohinder Amarnath in September 2012, said he ends his term as a happy man.
"We have taken some bold and tough decisions looking at the future of Indian cricket. We are very happy at the end of our term that the team is doing well in all three formats and I wish the next committee all the best.
Patil also said that he was very happy to state that no outside interference was there in selection matters during his tenure.
"In our four-year term not a single BCCI official of any zone approached the selection committee for any recommendation," he remarked.
Patil picked up the squad for home series in the presence of fellow selectors Saba Karim and Vikram Rathour, while Gagan Khoda and MSK Prasad joined in from Australia via video conference.
The former India batsman further said the team would do well against the touring New Zealand side.
"We have always done well at home and I am sure we will do well against New Zealand. Hope we also do well outside India," he said.
Patil skirted the question on whether Sachin Tendulkar was told in advance to call it a day before the hurriedly arranged three-Test series against the West Indies in 2013.
BCCI secretary Ajay Shirke, who was also present in the press conference, said the new selection panel would be picked after a thorough search.
"We want to give everyone a chance to apply for selector's post rather than choose someone on our own and that's why we have called for applications (for interview)," Shirke said.
Shirke said an age cap of 60 has been kept to ensure that candidates who apply have the experience of playing in all three formats of the game.
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Shirke said the BCCI will have a new selection committee in place but sidestepped queries on whether it would conform to the recommendations made by the Lodha panel.
"We will definitely have a new selection panel in place. There's no uncertainty for BCCI. I can't say about anything else," was Shirke's response to the issue.
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